Gaia Metals Corp. Samples 10.9 g/t Au, 80.1 g/t Ag, and 0.72% Cu at Gold Dyke at Carmen Creek, Freeman Creek Property, Idaho

The initial batch of rock sample assays has been received from the Company's inaugural exploration of the Property and confirms significant gold-silver (+/- copper-lead-zinc) mineralisation at both the Gold Dyke and Carmen Creek prospects. Highlights include:

• Strong gold, silver, and copper mineralization at the Gold Dyke Prospect including:

  • 10.9 g/t Au, 80.1 g/t Ag, 0.72% Cu, 1.97% Pb, and 7.90% Zn in talus

  • 4.32 g/t Au and 292 g/t Ag in outcrop

• Strong gold, silver, and copper mineralization at the Carmen Creek Prospect including:

  • 15.3 g/t Au, 41.0 g/t Ag, and 0.78% Cu in outcrop

  • 4.98 g/t Au, 148 g/t Ag, and 32.0% Cu in talus

• Mineralized strike length at Carmen Creek of at least 350 m has been delineated based on first batch of sample assays. Analysis pending for approximately an additional 500+ m of sampled strike length

• Discovery of parallel trending structure to main Carmen Creek Zone with similar rock types and mineralogy - assays pending

The Phase I program at Freeman Creek was completed by Dahrouge Geological Consulting USA Ltd. of Centennial, Colorado, over fourteen (14) days in August and consisted of property-wide prospecting and rock sampling to verify historical surface data, soil sampling, and a ground magnetic survey (see news released dated August 31^st, 2020). To date, assays have been received for 42 of 224 surface rock samples collected throughout the Property. Assay highlights from this first batch of 42 samples are presented in Table 1.

Table 1: Select Rock Sample Assays from First Batch of Samples Analyzed at Freeman Creek

Gold Dyke Prospect

Assays results for 20, out of approximately 140, samples collected throughout the Gold Dyke area, have been received. The samples analyzed confirm the potential of the prospect with assays including 10.9 g/t Au, 80.1 g/t Ag, 0.72% Cu, 1.97% Pb, and 7.90% Zn in talus (angular, proximal to source) and 4.32 g/t Au and 292 g/t Ag in outcrop (Photo 1, 2). These samples were collected from an area within 200 m of the main road crossing through the Property and are therefore easily accessible for further exploration and drill testing (Figure 1). Mineralization at Gold Dyke is hosted by strongly silicified meta-sediments with quartz veining and minor sulphides (pyrite, chalcopyrite).

The Gold Dyke Prospect is the most advanced prospect on the Property, having been the subject of some initial drill testing in the past, with encouraging results. This includes two mineralized intercepts, from rotary drilling completed in the 1980s by St. Joe American Corp., that remain to be followed-up on: 1.5 g/t Au and 12.1 g/t Ag over 44.2 m (RDH-8) and 1.7 g/t Au and 17.1 g/t Ag over 21.3 m (RDH-10). The mineralization in drill hole starts from surface and extends to at least 50 m depth and remains to be followed-up with additional drilling. Based on topographical relief, the mineralization at Gold Dyke has been traced over a vertical extent of at least 105 m (350 ft), suggesting additional depth potential, thus also demonstrating potential for large tonnage to be present.

Carmen Creek Prospect

The 2020 surface exploration at Carmen Creek successfully verified historical data with rock assays including 15.3 g/t Au, 41.0 g/t Ag, and 0.78% Cu in outcrop (sample 147058) and 4.98 g/t Au, 148 g/t Ag, and 32.0% Cu in talus (angular, proximal to source). Sample 147058 was collected atop a large cliff face (Photo 3, 4), proximal to the site of a historical mill that operated circa 1910 at the prospect.

The recent sampling has outlined a more significant length of mineralization than previously known. Historical exploration from this area (circa 1910s) is poorly documented with the 2020 prospecting discovering past activity, including adits and blast pits/trenches, over a strike length of at least 900 m and remains open (Figure 2). Sample analysis has been received for approximately 350 m of this trend, with analysis pending over the additional strike length. The mineralization at Carmen Creek is characterized by chlorite mica-schists with quartz veining, magnetite, and common malachite and sulphides (bornite, chalcopyrite, pyrite). Initial field prospecting outlines a central mineralized zone, oriented ~135°/65°, of at least 1-2 m with vein stockworks extending out 5 to 10 m into the adjacent host rock.

Further, the 2020 prospecting has discovered a sub-parallel zone/structure approximately 80 m northeast of the main zone that has not been historically documented to the Company's knowledge. The structure is characterized by a 1-2 m wide quartz vein with common magnetite, malachite, and local chlorite. The zone was traced and sampled by the field crew for at least 400 m and a potential extension encountered in outcrop a further 600+ m along strike during magnetic surveying. The discovery of a second potentially mineralized structure at Carmen Creek is significant and highlights potential for additional mineralized structures to be present in the area. A significant portion of the Carmen Creek area remains to be prospected. Collectively, the Carmen Creek core area of interest exceeds 1 km in strike length, with high-grade gold-silver-copper mineralization traced over a strike length of approximately 350 m, with assays pending on sampling for another 500+ metres along strike.

Drill Permitting

The Company expects to receive drill permits for the Gold Dyke Prospect within the next two weeks and intends to immediately carry-out a 5-6-hole (~1,000 m) diamond drill program to collect drill core for assay. The drill testing will twin the historical rotary drill holes RDH 8 and 10, and as well as other targets in the area developed from the recent surface exploration.

The Carmen Creek Prospect has never been drill tested and therefore its extent at depth is not known. However, based on topographical relief, the mineralization at Carmen Creek has been traced over a vertical extent of at least 230 m (750 ft), suggesting the zone has strong depth potential. With initial results from the Phase I surface program successful in locating and assessing the orientation of the primary mineralized zone, the Company is actively permitting an initial phase of drill holes. In addition, the Company is planning to initiate a follow-up surface program before snowfall, to run in parallel with the pending drill program at Gold Dyke, which will focus on further surface delineation of the known zone(s) as well as discovery of additional parallel zones.

Figure 1: Gold Dyke Prospect

Photo 1: Vuggy, silicified meta-sediment outcrop; 4.3 g/t Au and 292 g/t Ag (Sample 147022) - Gold Dyke Prospect

Photo 2: 10.9 g/t Au, 80.1 g/t Ag, 0.72% Cu, 1.97% Pb, and 7.90% Zn (sample 147012) - Gold Dyke Prospect

Figure 2: Carmen Creek Prospect

Photo 3: Western end of sampling of the Carmen Creek Prospect (looking east-southeast). Near base of ridge, rock assay of 3.96 g/t Au, 28.2 g/t Ag, and 0.72% Cu (sample 147043); at top of ridge, rock sample assays of 15.3 g/t Au, 41.0 g/t Ag, and 0.78% Cu (sample 147058), and 11.8 g/t Au, 36.9 g/t Ag, and 0.75% Cu (sample 147055)

Photo 4: Outcrop sample assaying 15.3 g/t Au, 41.0 g/t Ag, and 0.78% Cu (sample 147058) - Carmen Creek Prospect

QAQC

All rock samples collected (grab), as well as quartz blanks and certified reference materials, were shipped by ground to Activation Laboratories Ltd. in Kamloops, BC for multi-element analysis (including Ag) by aqua regia digestion with ICP-OES finish (code 1E3) and Au analysis by fire assay with AA finish (package 1A2B-50). Over limits for Au, Ag, Cu, Pb, and Zn were determined by the relevant analytical package.

Management cautions that prospecting surface rock sample assays, as presented herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.

NI 43-101 Disclosure

Darren L. Smith, M.Sc., P. Geo., Vice President of Exploration for the Company and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About Gaia Metals Corp.

Gaia Metals Corp. is a mineral exploration company focused on the acquisition and development of mineral projects containing base and precious metals, including platinum group elements, and lithium.

The Company's flagship asset is the Freeman Creek Gold Property, located in Idaho, USA. The Property hosts two major advanced targets; the Gold Dyke Prospect, with an historical drill intercept of 1.5 g/t Au and 12.1 g/t Ag over 44.2 m (RDH 8), and the Carmen Creek Mine Prospect, with an historical outcrop sample assay of 14.15 g/t Au, 63 g/t Ag, and 1.2% Cu.

Additional assets include the wholly owned Corvette Property, and the FCI Property (held under Option from O3 Mining Inc.) located in the James Bay Region of Quebec. The properties are contiguous and host significant gold-silver-copper-PGE-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Elsass and Lorraine prospects with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.

In addition, the Company holds the Pontax Lithium-Gold Property, QC; the Golden Silica Property, BC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.

For further information, please contact Adrian Lamoureux, President & CEO at Tel: 778-945-2950, E-mail: adrian@gaiametalscorp.com or visit www.gaiametalscorp.com.

On Behalf of the Board of Directors,

"ADRIAN LAMOUREUX"

Adrian Lamoureux, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Statements:

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

SOURCE: Gaia Metals Corp.